The first XRCO Awards were presented in Hollywood on February 14, 1985. The original practice of presenting the awards on Valentine's Day was observed until 1991 - now the XRCO Awards Show is a relaxed, low-key affair, more like a big party than a formal presentation, and is now usually staged in the spring or early summer of the year. It is the only awards show in adult entertainment that is not open to the general public and is considered the world's largest private adult industry party. Admission is strictly by reservation or invitation only to recognizable performers, other members of the adult industry, and to the voting members of the XRCO. The yearly event usually brings in 400-600 people. The party is held thanks to the generous support and contributions of our sponsors and is FREE - now this is how to throw a party/awards show!

The show's Co-Hosts every year include some of the biggest names in the business. Additionally, the Trophy Girls (AKA Heart-On Girls as a homage to the original Valentines Day show date), feature up and cumers in the business - most of which quickly rose to stardom due to theur talents and efforts and a bit of a boost from the publicity of being the Trophy Girls. The high-quality heart-shaped trophies have evolved from a thick, hand-made wooden award to a more modern, clear trophy.

Following a Red Carpet papparazzi-filled walk-through similar to the best of Hollywood's publicized parties and premiers, XRCO Awards are given in some 30-40 categories. This includes the Hall of Fame to traditional "Best Movie"-style categories, to awards that are unique to the XRCO, to those that honor the achievements of individual performers (for example, Unsung Siren, Unsung Swordsman). The XRCO's Adult Movie Hall of Fame was the first such and it remains the keystone of the organization. Inductees must have been industry members for at least ten years, and they are chosen with a rigorous, discriminating selectivity equivalent to that of the professional sports Halls of Fame.

The late Jim Holliday was the "Honorary" Historian - a position temporarily filled by founding member Bill Margold who, until 2015, presided over the Hall of Fame inductions.  Beginning in 2016 we are honored for Evan Stone to officiate the Hall of Fame inductions. From 1984 until 2004 the Chairman of the XRCO was Jared Rutter. Jared stepped down as Chairman when his new position at AVN no longer afforded him the time to devote to the XRCO. Although no longer active, in appreciation of his past work Jared will always be considered the XRCO's "Honorary Chairman".

Membership in the XRCO is by invitation only to qualified adult review critics and may be rescinded for any reason at any time.

In May of 2004 two long-time XRCO members, Dirty Bob and Dick Freeman, assumed co-Chairmanship of the XRCO.